EchoStar to redeem $1 billion in debt |
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Tue, 16 Jan 2007 22:33
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ENGLEWOOD, Colo. (AFX) - Satellite television operator EchoStar Communications Corp. said Tuesday it plans to redeem by Feb. 15 $1 billion in convertible debt that was originally due in 2008.EchoStar, which operates the Dish network, said it will redeem the notes at a rate of 101.643 percent of the principal, which will cost the company about $1.02 billion.The company did not indicate how it plans to finance the move.EchoStar shares closed up 43 cents Thursday at $40.91 on the Nasdaq Stock Market.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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